South Asia: Ship-breaking import prices fall further by $5-15/LDT, w-o-w, on dull demand

Ship-breaking import prices in India, Pakistan and Bangladesh fell by $5-15/LDT, w-o-w.

The ship recycling market is experiencing significant price corrections. The offers from recyclers have reportedly come down in the past two weeks.

However, it has been said that the there is shortage of units in the recycling market, resulting which the end-buyers have to bid competitively to secure tonnage.

India leads subcontinent market

The offers from recyclers have seen some corrections who suffered another worrying week of declines and falls, but have still managed to maintain the top position in the sub-continent market.

Deals

Total tonnage at Alang Port last week amounted to 63,316 LDT, down by 17% w-o-w.

Pakistan market remains quiet

The recyclers from Gadani remained quiet last week too as the market had just opened after Eid holidays. The end-buyers are willing to secure tonnage to meet domestic demand but are still following a wait-and-watch approach in anticipation of a further price correction.

Deals

Total tonnage at Gadani Port last week amounted to 44,749 LDT, up by 74% w-o-w.

Demand yet to pick up in Bangladesh market

Market participants are back after the long Eid holidays, but the enquiries from end-buyers still remain on the lower side and have not seen an uptick as they have sufficient inventory in hand and are willing to wait for the global scrap prices to stabilize before taking positions.

However, the market somehow managed to secure tonnage.

Deals

Total tonnage reported last week at Chattogram Port was 54,261 LDT, up by 93% w-o-w.

Prices in $/LDT
Source: SteelMint Research